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to tackle the impending fiscal cliff but the president and the speaker of the house john boehner each drawing lines that they say they will not cross. the major hurdles, that threat to send the economy into a tailspin, that's coming up next. >>> plus a nascar race turning into a full-scale brawl. look at this. mayhem breaking out of the everybody going at it. we'll tell you what set it off. after this. ve lately. but because of business people like you, things are beginning to get rolling. and regions is here to help. making it easier with the expertise and service to keep those wheels turning. from business loans to cash management, we want to be your partner moving forward. so switch to regions. and let's get going. together. jenna: well come back, everyone. now let's return to the economy. the president and house speaker john boehner are suggesting they are willing to compromise to prevent our economy from going over that so-called fiscal cliff but both sides are digging in their heels whether or not to race tax rates for the wealthy. rich edson of the fox business network watching
boehner today or not? >> no. this was no olive branch, larry. i was quite disappointed with that speech and press conference. and you noted that the stock market really collapsed as president obama was speaking because he seems not just today but the event that he had on friday, the two statements that he's made, he's been pretty emphatic that he wants those tax rates to go up, come hell or high water. that is going to lead to a mexican standoff with the republicans if he sticks with that position. i'd like to make one other point about that press conference, larry. i listened to the whole 45 minutes to 60-minute press conference, and not once that i could hear in that speech did he talk about the most important thing, which is cutting government spending. why don't we get the government spending down and then talk about raising taxes? >> you know, if you google up spending and obama, you know what you get? nothing. blank pages. you get nothing. >> in fact, larry, he said he wants his $100 billion stimulus, he wants more spending when he's talking -- trying to talk about lowering the de
way to do this and a wrong way and speaker boehner was right that you have to have revenue on the table but that does not mean raising taxes. >> clearly we have the ability between now and the end of the year to not go off the cliff but we can't accept an unfair deal that piles all of this on the middle class and tells them they have to support it. >> now, of course there is room for compromise. raising taxes on the wealthy by closing loopholes instead of the tax rates, that maybe would please republicans on the democratic side maybe. they are saying you kind of are redefine wealth altogether so that maybe tack rates for those making half a million or a million dollars a year go up. we'll see how this goes, as you said, congress will be back tomorrow and there will be a big meeting at the white house on friday with the president. >> and what about the gang of eight, the four republicans and four democrats who have decided to get back to the hard negotiating? what can we make of them returning to the effort? >> you know what, they are all trying hard. they are going to have
.6 trillion of new revenue. boehner had agreed to $800 billion. it's not hard to find $1.2 trillion as a kind of middle ground to that. then you want to have $4 trillion of total deficit reduction, so that leaves $2.8 trillion of spending reductions that have to happen. here's what people miss. we can avoid going over the cliff with the stroke of a pen. they can just extend all this stuff and kick the can down the road. the real question is are we going to have a big deal? are we going to agree on the major spending restraints that we need as well as the tax stuff in order to actually get the deficit under control? and i think the betting on that is less than 50%. i think we have a great shot at it. but it's going to be really, really hard. >> is that the view from wall street, too? they're not totally confident that this is going to happen? >> what you see in the stock market at the moment is that wall street is not totally confident. that's for sure. >> all right. steve, thanks so much. >> pleasure. >>> coming up, independent senator-elect of maine, angus king joins the conversation. he's a
Search Results 0 to 6 of about 7 (some duplicates have been removed)